FX.co ★ teagan.orn | #Bitcoin chart analysis

Daily chart - trading instrument Bitcoin. The wave structure is forming a downward pattern, the MACD indicator has entered the overbought zone and is rising above its signal line. During the growth that occurred in the current month of April, the price reached a mirror level at the edge of the growth that took place in March. This level is 73350. I thought that from here the price would be pushed down a bit, as the CCI indicator was ready to exit the overbought zone downwards, assuming that the price might manage to drop to the ascending line that can be drawn from the February low. And as it can be seen, the pressure slowly started to build up. However, what started ended the same way - a sell-off provocation was made. The bulls continued to push upwards, and the level from which the downward bounce occurred was successfully broken upwards. The selling zone will be above the March maximum. A more distant selling zone is located near the horizontal resistance level of 83858. It can be said that the growth still occurred due to the situation with Iran. Some certainty emerged there some time ago, as a result of which the US dollar weakened overall in the market, although not everywhere. For example, the euro and the pound were growing steadily, while there was almost no significant drop in another major pair, USD/JPY. The situation is controversial, it is not possible to definitively determine the advantage of buyers or sellers. Most likely, in the long term, Bitcoin will resume its growth. However, it has a habit of moving sideways for a long time with a wide range. One can sit in long positions for months until it breaks out with a new upward trend. It made sense to break above last month's peak to remove liquidity there, which actually happened. Now there may be further growth towards the resistance level of 83858. Although there was a potential selling zone at the peak, and the CCI indicator visually indicates an increased probability of a decline.